Microsoft Dynamics GP Year End Release 2015 Payables Management

November 24 | By Tracey Brinkman

Tags: Dynamics GP | microsoft | payables | PM | Update | Year End 2015 | Year-End

Microsoft Dynamics GP Year End Release 2015 Payables Management

 Original content from Microsoft Blog by: Cheryl Waswick

 There are changes for the 1099-DIV, 1099-INT, 1099-MISC, and 1096 Summary forms included in the 2015 Year-End update.  If you print any of these forms, you will need to install the 2015 Year-End Update to get these changes.

The following changes have been included in the 2015 Year-End Update:

• 1099 DETAILS WINDOW: In the 1099 details window (Purchasing >> Cards >>1099 Details) the State/Payer’s State No on the 1099 Miscellaneous type, and State Identification No. on the 1099 Interest and 1099 Dividend types has been increased to 20 characters.   This was required by some states that have a longer number (Wisconsin).  Make sure to print the forms to verify how the field is aligned on your form.  Also make sure you are not printing a modified version of the form.

• 1099 DETAILS WINDOW: The Foreign Account Tax Compliance Act (FATCA) filing requirement checkbox is new and was added to the 1099 Details window (Purchasing >> Cards >> 1099 Details).   If marked, this checkbox will mark the corresponding FATCA filing requirement checkbox on the 1099-DIV, 1099-INT and 1099-MISC form printouts.  (The new column for TEN99FATCAFILEREQ was added to the PM00204 table.)

• 1099-DIV:  The FATCA filing requirement checkbox was added to the 1099-DIV form printout. 

• 1099-INT:  The 1099 Setup window (Microsoft Dynamics GP >> Tools >> Setup >> Purchasing >> Payables >> 1099-Setup)

1099-Interest tax type had Box 15 updated to Box 17 for State Tax Withheld

Box 12 was inserted with a blank description and minimum amount of $.01.

Box 13 was also inserted for Bond Premium on tax exempt bond with a minimum amount of $.01.

These changes also flow through to the Edit 1099 Details window for the 1099-Interest tax type.

     

• 1099-INT: On the 1099-INT form printout.

Box 4 and 6 were shortened

Box 8 and 9 have been shortened and moved up on the form 

Box 10 and 11 were resized

The FATCA filing requirement checkbox was added 

Box 12 and 13 were added (in GP 2015 only)

Box 14, 15, 16 and 17 were renumbered

 

• 1099-MISC:   The Account Number box was shortened to make room for the new FATCA filing requirement checkbox.

If the user marks the checkbox on the 1099-Misc form, a warning message will be given that “Box 3 – Other income will be zeroed out Do you want to continue?”  If the user elects to continue, the amount in Box 3 is set to zero.  If the FATCA filing requirement box is checked, the Other Income amount in Box 3 has to print a $0 amount.

• 1096 SUMMARY:   Layout changes were made to the 1096 Summary form.

At the bottom of the form:

Box 1098-Q was added

Box 1099-H was removed

Boxes 1099-K, 1099-LTC, 1099-MISC and 1099-OID were repositioned.

There were many enhancements made to Microsoft Dynamics GP 2013 RTM (and later versions) to help you view and edit 1099 information, so be sure to take advantage of these new features including:

• Ability to edit 1099 information at transaction level

• Ability to easily change a vendor to be a 1099 vendor if they were not marked to be a 1099 vendor, or visa-versa

• New Address ID on Vendor Maintenance window to be used on the 1099 forms

• New box numbers added for each 1099 tax type
• Ability to print the 1096 Summary form

• To get more information on the new features listed above, click HERE to view a video.

Payables Management close procedures

Payables Management has 2 close procedures.

The Calendar Year End Close Routine should be run at the end of the Calendar year prior to posting transaction in the next Calendar year.

The Fiscal Year End Close Routine should be run at the end of the Fiscal year prior to posting transactions in the next Fiscal year.

The Payables Management Calendar and Fiscal Year End close procedures will affect different YTD amounts.

The Calendar year end close process:

Transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view in the Vendor Yearly Summary window. Found under (Cards>> Purchasing >>Summary >>Yearly Button).

The Fiscal year end close process:

Transfers all other amounts from the Year to Date column to the Last Year column in the Amounts Since Last Close view. Found under (Cards>> Purchasing>>Summary >>Yearly Button).

*Note: If the Year to Date or Last Year amounts are incorrect in the Amount Since Last Close View contact support for scripts that can be run to correct these amounts.

– When these amounts are transferred this will also affect SmartList amounts that contain Year to Date or Last Year summary columns.

– The Vendor Summary report will also be affected by the transfer of amounts from the Year to Date column to the Last Year column when closing the year.

Follow the checklists below: from KB 875169: “Year-end closing procedures for the Payables Management module in Microsoft Dynamics GP”.

There are 3 checklists, choose the one that is correct for you based on your calendar and fiscal year.

 Payables Management calendar year-end closing checklist

Note: Although the Payables Management module is date-sensitive, the SmartList objects, the Payables Management summary reports, and the Amounts Since Last Close view of the Vendor Yearly Summary window are updated based on the closing of the Payables Management module. Therefore it is recommend that you follow these steps so that the SmartList objects, the Payables Management summary reports, and the Amounts Since Last Close view of the Vendor Yearly Summary window are correct.

1. Post all transactions for the calendar year.
2. Make sure that transactions for the New Year are saved, not posted.
3. Reconcile Payables to the GL (Financial >> Routines >> Financial >> Reconcile to GL)
4. Print the Aged Trial Balance with Options report.
5. Make a backup that is named “Pre-1099 Edits.”
6. Install the latest 2015 year end update.
7. Verify the 1099 information and edit it if it is required.
8. Print the 1099 statements.
9. Print the Aged Trial Balance with Options report.
10. Make a backup that is named “Pre Year-End.”
11. Close the calendar year.
12. Close the fiscal periods.
13. Close the tax year.

NOTE: *Both Payables Management and Receivables Management Year End KB article’s say to close the tax year. This will only need to be done once, after both Receivables and Payables are closed. (The reason this is listed on both KB Articles is because some users may not use both Payables Management and Receivables Management.)

14. Make a backup that is named “Post Year-End.”

Payables Management fiscal year-end closing checklist

1. Post all transactions for the fiscal year.
2. Make sure that transactions for the New Year are saved, not posted.
3. Reconcile Payables to the GL (Financial >> Routines >> Financial >> Reconcile to GL)
4. Print the Vendor Period Analysis Report.
5. Print the Aged Trial Balance with Options report.
6. Make a backup that is named “Pre Year-End.”
7. Close the fiscal year.
8. Close the fiscal periods.
9. Make a backup that is named “Post Year-End.”

Payables Management master year-end closing checklist

Note: Use this checklist if you are closing your fiscal year and your calendar year at the same time.

1. Post all transactions for the year.
2. Make sure that transactions for the New Year are saved, not posted.
3. Reconcile Payables to the GL (Financial >> Routines >> Financial >> Reconcile to GL)
4. Print the Aged Trial Balance with Options report.
5. Print the Vendor Period Analysis Report.
6. Install the Payroll year-end update (optional)
7. Make a backup that is named “Pre-1099 Edits.”
8. Verify the 1099 information and edit it if it is required.
9. Print the 1099 statements.
10. Make a backup that is named “Pre Year-End.”
11. Close the year.
12. Close the fiscal periods.

You can close both Fiscal and Calendar Year at one time by choosing ALL on the Payables Year End Close

13. Close the tax year.

NOTE: *Both Payables Management and Receivables Management Year End KB article’s say to close the tax year. This will only need to be done once, after both Receivables and Payables are closed. (The reason this is listed on both KB Articles is because some users may not use both Payables Management and Receivables Management.)

14. Make a backup that is named “Post Year-End.”

Key points to remember:

• Always make a restorable backup before starting any year-end close procedure.
• Payables Management is not fully date sensitive. In the Vendor Yearly Summary window, the Summary Views for Calendar Year and Fiscal Year are date sensitive, so will be correct.

However, the Amounts Since Last Close view will move amounts from the Year to Date Column to the Last Year column at the point in time you ran the Year End close process for Payables Management.

So it is still recommended that you process your year-end closing routines at the actual year end, and before you post any transactions in the new year so this view is correct.

• Verify that your Vendors are marked as 1099 prior to posting any transactions so that 1099 information is updated automatically throughout the year.

In Microsoft Dynamics GP 2010: refer to KB 918536 to correct vendors that were not marked correctly.

There is new functionality in Microsoft Dynamics GP 2013 and later versions that you will want to utilize to make editing 1099 information (by vendor and/or by transaction) much easier.

• Microsoft has videos available for you to watch to prepare for Payables Management Features. Follow this link to view the: Readiness videos for Microsoft Dynamics GP 2013. This covers GP2013 new features including those for printing, editing and other maintenance for 1099 forms.

 If you need Assistance for Payables Management Year End Close

Microsoft Dynamics Support – https://mbs.microsoft.com/support/newstart.aspx This link will require that you log onto your Customer Source account to create a support case.

Note: When creating a case with the Technical Support Team, please refer to the routing below to ensure you are routed to the correct Professional for assistance.

Assistance with the Payables Management Year End Close –Support Topic Selection: Financial – Payables Management —Sub-topic Selection: Period / Year End Close

You can view the original Microsoft Blog by Cheryl Waswick at: https://community.dynamics.com/gp/b/dynamicsgp/archive/2015/11/19/2015gpyecpm

If you are an iSolutions Partners customer and have questions regarding Microsoft Dynamics GP Year End Release 2015 Payables Management, please contact us at: support@iSolutionsPartners.com

You can view our previous blogs at: http://www.isolutionspartners.com/resources/dynamics-gp-blog-for-indiana-and-wisconsin/